14 August 2017: The Milton Keynes office has been assisting a solvent working men’s club to bring the affairs of the club to an end after its members resolved that the club should close.
The sale of the club’s freehold property realised net sale proceeds of almost £700,000. The club’s management committee sought advice from BRI to understand the most orderly way of closing down the club and distributing surplus funds to more than 400 members.
Formal liquidation proceedings were precluded under the club’s constitution. The Milton Keynes office has therefore been assisting and advising the club in respect of a dissolution process, regulated by the Financial Conduct Authority (FCA).
All creditors have now been paid in full and the FCA have confirmed the dissolution. BRI have since distributed the surplus funds back to members, many of whom had been members for more than 25 years. We are particularly pleased to have overseen a matter which has benefitted so many in a local community.
At BRI we deal with a lot more than formal insolvency proceedings and if you or one of your clients find yourselves in a unique situation which requires specialist help, it is well worth picking up the phone to BRI for a no obligation discussion.